Mogul Energy International, Inc. Announces Its Saskatchewan Exploration Program Will Begin Drilling

Mogul Energy International, Inc. announced its plans to begin drilling on the exploration program involving the Walpole properties located in eastern Saskatchewan. Mogul has contracted the company CODECO to complete this drill program. Mogul Energy representative stated, “The licensing on the first drill location is complete and we expect the second drill location licensing process to be complete by the end of the month. Drilling on both targets will commence on December 1, 2008.” The CODECO Group provides seamless integration of drilling, completion, environmental and facilities work. Mogul President Naeem Tyab stated, “We are pleased to announce our agreement with CODECO and look forward to a seamless and successful drill program.”

Information concerning Mogul Energy International:

Mogul Energy is an oil and gas exploration company with headquarters in Seattle, Washington. Mogul also has a 100% working interest in oil and gas leases on approximately 9,300 acres of land in South East Saskatchewan, Canada.

Mogul Energy is a Delaware corporation with its principal place of business in Seattle, Washington. The common shares of Mogul Energy are quoted on the OTC Bulletin Board (OTCBB) system under the symbol ‘MGUY,’ and the Frankfurt Stock Exchange (“FSE”) under the symbol ‘BKX.’ Further information concerning Mogul Energy can be found in the Company’s filings with the U.S. Securities and Exchange Commission.